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If we conclude that there is some knowledge we should not pursue on…
If we conclude that there is some knowledge we should not pursue on ethical grounds, how can we determine the boundaries of acceptable investigation within an area of knowledge? Discuss with reference to either the Natural Sciences OR the Human Sciences.
Choice
Economics is really just looking at the reasons behind choices. An example of these choices are the examples of opportunity cost
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Efficiency
In econ, efficiency is a ratio: Useful Output to Total input.
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Equity
Equity is a normative definition of fairness which is coined differently by different people. Equity and really Inequity, generally apply when considering wealth distribution.
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Sustainability
Sustainability takes into account future prosperity instead of just short term gain. It is a measure that prevents future failure and by nature proactive, not reactive. This ties in heavily with the state of our environment.
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Interdependence
Interdependence is the interaction and overlap between sectors and different areas of study and markets that may at first glance seem separate. High levels of interdependence contribute to great volatility, as the smallest happenings have the potential to make big waves.
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Intervention
Intervention is government involvement within markets. The government generally interferes in a mop up role- they spark into action when something goes awry.
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Economic Well Being
Economic well being is assessed by indicators such as quality of living standards. Included are the following
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